Eigen Technologies Wins CogX Award for Best AI Product in Insurance for the Second Year Running
New York/London – September 13, 2023, Eigen Technologies (Eigen), the leading global AI company and intelligent document processing (IDP) provider, is proud to announce that it has won the ‘Best AI Product in Insurance’ category at the CogX Awards 2023 for the second year running. The awards celebrate the best-of-the-best in AI and emerging technologies across industry and society, highlighting the products and organizations that CogX believes are changing the world.
The award recognises Eigen’s achievements as one of a select group of companies that has successfully commercialized artificial intelligence in B2B software. In the last year Eigen has delivered some of the leading innovations in the insurance sector, one of the first integrations with GPT and the launch of its Underwriter Assistant offering. As one of the most experienced AI companies in the insurance sector, Eigen has extensive experience working with Large Language Models (LLMs) such as BERT and GPT. It’s integration with GPT, launched in May, led the way in finding the first practical business applications of generative AI in insurance.
Launched at ITC Vegas, Underwriter Assistant enables underwriters to focus on writing more business by delivering time savings. The average underwriter spends 70% of their time on non-underwriting activities, with 40% spent on repetitive administrative tasks. UA automates these tasks, including submission triage, sanctions checks and systems automation.
This award is the fourth CogX Award that Eigen has won in recent years, with the company winning Best AI Product in Insurance in 2022, Best AI Product in Financial Services in 2021 and Best AI Product in Legal in 2019. This record demonstrates the success and relevance of Eigen’s technology across multiple sectors.
“I am extremely proud that we have retained the Best AI Product in Insurance category at the CogX Awards,” said Dr Lewis Z. Liu, Eigen Technologies Founder & CEO. “It is testament to the traction and success we have in the insurance market as one of the leaders in applying AI to solve real business problems. As an ‘OG’ AI company, we have considerable experience in using technologies such as LLMs safely in order to solve real business problems across insurance, finance and professional services. We have some very exciting innovations coming up and I can’t wait to see how they take the market forward.”
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